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Data: Investing.com; Chart: Axios Visuals

The dollar rose to its highest level in five weeks against the Japanese yen on Thursday, as currency markets also took their cue from seemingly reduced tensions between the U.S. and China.

The state of play: The yen's value against the dollar has declined along with gold, bond prices, and other safe havens this week as the world's two largest economies look poised to roll back tariffs and de-escalate the trade war.

What they're saying: "[F]or now the latest headlines suggest progress towards a meaningful agreement, which is enough to boost risk appetite," Kathy Lien, managing director of FX strategy at BK Asset Management, says in a note to clients.

What to watch: Lien points out that "the restrained rally" in currencies like the Australian and New Zealand dollars that typically perform well when investors favor risky assets, "reflect the market's cautiousness in this headline driven market."

  • "Barring any fresh news that could cast doubt on progress towards a deal, [the dollar] could extend its gains to 110 [yen per dollar]."

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Updated 56 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of midnight ET: 19,792,519— Total deaths: 730,089 — Total recoveries — 12,060,877Map.
  2. U.S.: Total confirmed cases as of midnight ET: 5,044,821 — Total deaths: 162,938 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Politics: Pelosi says states don't have the funds to comply with Trump's executive order on unemployment — Mnuchin says Trump executive orders were cleared by Justice Department.
  4. States: New York reports lowest rate of positive coronavirus test results since pandemic began
  5. Public health: Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths by end of 2020. 
  6. Schools: 97,000 children test positive for coronavirus in two weeks — Nine test positive at Georgia school where photo showing packed hallway went viral .

97,000 children test positive for coronavirus in two weeks

A boy has his temperature checked as he receives a free COVID-19 test in South Los Angeles in July. Photo: Mario Tama/Getty Images

At least 97,000 children tested positive for COVID-19 in the final two weeks of July and there's been an estimated 338,000 cases involving kids in the U.S. since the pandemic began, a new report finds.

Why it matters: The findings in the report by the American Academy of Pediatrics and the Children’s Hospital Association comes as schools and day cares look to reopen in the U.S., with New York Gov. Andrew Cuomo (D) announcing Friday that school districts in the state can reopen in the fall amid lower coronavirus transmission rates.

Updated 3 hours ago - World

Hong Kong media tycoon Jimmy Lai arrested under national security law

Media tycoon Jimmy Lai at the Next Digital offices in Hong Kong in June. Photo: Anthony Wallace/AFP via Getty Images

Hong Kong pro-democracy activist Jimmy Lai has been arrested for "collusion with foreign powers," said Mark Simon, an executive at the tycoon's media firm Next Digital Monday morning local time.

Why it matters: He was arrested under the new national security law that gives Beijing more powers over the former British colony. Lai is the most prominent person arrested under the law, which prompted the U.S. to sanction Chinese officials, including Hong Kong leader Carrie Lam, over Beijing's efforts to strip the territory of its autonomy.